Currently there is a shortage of inventory in Miami. Home and condominium buyers are finding a great deal of competition in the current sellers’ market. Multiple offer scenarios are back as well as properties selling over list price. However, there are limits and we are seeing some sellers price their properties well over comp value which has not been an effective strategy. Properties that are priced in line with current trends are selling but the properties priced well above market are becoming stagnant and buyers are taking note.
Although we may be in a sellers market, buyers have become much more informed as their access to information has dramatically improved via websites such as zillow, trulia realtor.com and floridamoves.com.
We have experienced a great deal of foreign investment here in Miami which has cleared out most of the existing inventory and the demand continues to increase. The Miami Herald recently reported a substantial rise in home prices and sales in September. There were 1,108 closings in single family homes in Miami- Dade and 1,352 closings in condominiums this past month. We are excited to see the changes in South Florida real estate market as we approach the season.
To read more about the change South Florida home prices and sales in September visit the link below
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